Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is one of North America's largest publicly traded owners and operators of open-air shopping centers. As of December 31, 2016, the company owned interests in 524 U.S. shopping centers comprising 85 million square feet of leasable space across 34 states and Puerto Rico.
LEED-certified redevelopment sparks new community interest and investment
NEW HYDE PARK, N.Y.--(BUSINESS WIRE)-- Kimco Realty Corp. (NYSE:KIM) announced today that it has signed three new leases, including Starbucks, at its Wilde Lake center in Columbia, Maryland, on the heels of a dramatic $18.1 million redevelopment which transformed the project into a mixed-use destination with 230 residential rental units, 30,000 square feet of office space, 41,000 square feet of retail, and 20,000 square feet of restaurants.
Starbucks is opening both a café and a drive thru in fall 2017. In addition to Starbucks, Kimco has signed leases with Dynamic Dental Care LLC, which opened December 2016; and Salons by JC, scheduled to open in early fall 2017 above David’s Natural Market.
“Kimco’s redevelopment has inspired a flurry of activity by existing tenants, enhancements to the Village’s swim center and water park amenity, construction of a new net-zero energy middle school, an expanding interfaith center, and new pedestrian and cycling pathways,” stated Kevin McAliley, Wilde Lake Village Board Chair. “Active home owners associations, involved neighborhood representatives and local leaders have noticed the new Wilde Lake center has created a movement toward improvements, renovations and investment throughout our village. We welcome Starbucks, Salons by JC, Dynamic Dental Care and the many new tenants and residents joining our vibrant and growing community.”
Wilde Lake Village Center is located in Columbia, Maryland, conveniently situated between Washington, D.C. and Baltimore on 7.4 acres. The redevelopment encompassed freshly-paved walking paths, outdoor seating areas, and community space. New landscaping throughout the center enhanced the existing vegetation, along with stamped concrete walkways and crosswalks, and impervious paver parking spaces. Wilde Lake is a LEED-certified project. As part of the redevelopment, existing grocer David’s Market expanded into a new, larger, and LEED-certified facility, featuring a contemporary interior floor plan with an interior/exterior café.
“These three tenants are a wonderful addition to the area,” said Tom Simmons, President, Mid-Atlantic Region at Kimco. “They are a direct result of our redevelopment of the shopping center to better reflect the current demographics of the area and improve the shopping experience. Starbucks was especially attracted by the residential component of the center, as it ensures a steady stream of foot traffic to their location. Whether it’s a resident of Wilde Lake Village Center or a visiting customer, we have a range of high-quality services, retailers, and dining options for everyone.”
Kimco Realty Corp. (NYSE: KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is North America’s largest publicly traded owner and operator of open-air shopping centers. As of September 30, 2016, the company owned interests in 534 U.S. shopping centers comprising 86 million square feet of leasable space across 35 states and Puerto Rico. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
Kimco Realty Corp.
Director, Corporate Communications
Source: Kimco Realty Corp.